Tuesday, September 30, 2008

It's been busy and $700 billion bail-out

Hi there,
It's been busy. I couldn't even made it to OOW this year (even though I was given the approval to attend). I looked at the various draft post that I have had (never did get a chance to finish) over the last 12 months, it has been horrendous. Anyhow, just wanted to put in a couple of points re: $700b bailout asked by the Bush Administration. Wow! $700b! That's more than the GDP (Gross Domestic Products) of a whole of countries! Quick wikipedia search showed that $700b is about No. 17 on the list!

The other comment is why didn't they break the $700b out into chunks of what they could do instead of having Congress reject the full $700b package? Could Congress have approved a portion of the money asked? I'm not familiar with the process but usually, in Government, we tend to ask for an amount but do break it into "managable" pieces so that we still are able to get some money allocated for certain things instead of having the Executives toss out the whole submission.

That's one and I did this post almost in one go! (Had to stop to deal with other stuff) ;)

1 comment:

Joel Garry said...

Well, since Republicans tend to be rightish wing, Bush probably is trying not to go down in history as the guy who nationalized the banks. They sure wouldn't have voted for that.

On the other hand, Greenspan is still insisting he did the right thing by disallowing regulation of derivatives, since bankers have so much integrity they would never try to put one over on people.

Those darn Libertarians are so quaint.